Abuja, Nov. 25, 2025 – Nigeria ‘s Gross Domestic Product (GDP) dropped by 1.78 percent in the third quarter of 2022 from its level in the corresponding period in 2021.
The GDP grew by 2.25 percent in real terms in third quarter of 2022 against the 4.03 growth rate recorded in the third quarter of of 2021.
The Nigerian Bureau of Statistics (NBS) gave the statistics on its website.
It attributed the decline to the base effects of the recession and the challenging conditions that impeded productive activities.
The GDP growth in the third quarter of 2022 also decreased by 1.29 percent from the 3.54 per cent growth rate recorded it the second quarter of 2022.
The NBS, however, reported that quarter-on-quarter, real GDP grew at 9.68 percent in the third quarter in 2022, reflecting a higher economic activity in the third quarter.
“In the quarter under review, aggregate GDP stood at N52,225,809.62 million in nominal terms, higher than the N45,115,448 million recorded in Q3 2022, and indicating a year-on-year nominal growth rate of 15.83 percent.
The nominal GDP growth rate in Q3 2022 was higher relative to the 15.41 percent growth recorded in Q3 quarter 2021 and higher compared to the 15.03, percent recorded in preceding quarter,” the NBS reported. (GBN)
